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A Story of Revitalization

Once a thriving commercial and cultural hub, Newark, New Jersey had become affected by suburbanization and lack of investment in the urban core. Driving progress in underserved communities is central to the mission of the Goldman Sachs Urban Investment Group. The team recognized the opportunity for positive impact in Newark and became committed to its revitalization. Since 2010, Goldman Sachs has worked together with public and private parties, committing over $500 million across 15 projects spanning education, job creation and housing opportunities, transforming Newark communities and creating substantial change.

Location

Newark, NJ

Capital Invested

$500+ Million

Number of Projects

15+

Working in the Community

Improving education outcomes for local residents has been a longstanding focus for Goldman Sachs. With an early investment in Teachers Village, Goldman Sachs helped develop three new schools serving 875 students, as well as housing for its teachers and retail stores. Goldman Sachs also financed the expansion of Marion P. Thomas Charter School, providing improved facilities for high-quality education in a predominantly low-income population. In addition to educating 600 students, this facility also offers free classes for community members.

Innovation in Jobs

Creating jobs has underpinned each Goldman Sachs investment and project in Newark, specifically through the redevelopment of blighted buildings and construction of new facilities. One investment to redevelop a neglected structure into a state-of-the-art facility now serves as a hub for innovation, attracting new businesses to the city center such as AeroFarms, the world’s largest vertical farm. Goldman Sachs also financed the rehabilitation of the historic Hahnes Building, a former landmark left vacant for decades that now houses a mix of retail and residential uses, including Newark’s first Whole Foods Market, helping provide the surrounding neighborhood with access to healthy food and great local jobs.

Transforming Housing

Goldman Sachs financed multiple projects across the city to provide access to quality affordable housing. With the Newark Housing Authority, an innovative investment helped bring energy efficiency to existing buildings resulting in lower costs and improved living conditions for 6,000 families. An additional 1,000 new units were built through the Teacher’s Village and Hahnes redevelopment projects.

A Commitment to the City

Goldman Sachs' vision for Newark has helped make a substantial impact in the city, creating or rehabilitating more than 7,000 housing units, 820,000 square feet of community, commercial and retail space, and upgraded school facilities for 3,500 students. In addition to building momentum for more investment from other capital providers, Goldman Sachs’ pledge to revitalization has resulted in a renewed sense of pride and self-worth in Newark’s residents and neighborhoods. Which is why Goldman Sachs’ commitment to Newark will continue further, making this city truly a work in progress.

We’re nowhere near done investing in Newark. We want to show people what can be done and hopefully bring in new investors that will catalyze activity.

-Margaret Anadu, Head, Urban Investment Group, Goldman Sachs

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Goldman Sachs, At a Glance

We provide a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.